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How Do Mortgage Loans Work?

Mortgage loans are also known as home loans. They are an arrangement between you and a lender to borrow money for property, either a home or for an investment. Mortgage loans usually last anywhere from 25 to 30 years. Lenders will charge you interest, either at a variable rate or fixed rate. Mortgages are paid off in regular installments, usually monthly but payments can be made every week or fortnight. There are many types of mortgages, and at Mortgage House we work closely with you to find the best one for your situation. Some types require deposits, others require more paperwork than others, and some can allow you to get a little help from your family to make your dreams happen.

Where do I find low mortgage interest rates?

Interest rates are always in a state of flux, and depending on the type of mortgages on offer and when, rates can go up and down, sometimes suddenly and without a lot of warning. There are many factors that influence mortgage interest rates, which will, of course, influence the size of your repayments. They can be individual to the property and your circumstances, or on a national scale. The Reserve Bank sets the official cash rate which can have a big influence on individual lenders. Once a month, the bank’s board meets to take into account local and international economic conditions and outlook, in an attempt to manage our overall economy. Different lenders can offer different interest rates with different types of mortgages. At Mortgage House, we work hard to suggest the best loans we can for you. As an independent lender with the same resources as traditional brokers, we can track down a range of interest rate options.

Mortgage loans

What home loan is best for my situation?

At Mortgage House we can provide mortgages for people wanting loans for all kinds of property needs. If you have decided to take the big step and buy your first home, we can help you navigate through what can be a difficult process, from start to finish. If you are buying your second or third home, or even fourth or fifth, we can combine your experience with ours, to make the most of your assets and your credit history. If you want to invest in property, the criteria can be different for those wanting to buy their own home. We can present you with mortgages that can help you make the most out of your investment, as well as work with you to help you choose the property, and the loan, that best suits your investment goals. If you are looking to build a home, or even renovate, the type of mortgages we have available can make what can be a difficult process a lot easier. And, of course, we can give your current home loan a health check, and work out refinancing options that can make a big difference to your life. Finally, if you are self-employed, finding mortgages can be tough. We offer solutions to help you realise your dream.

What types of mortgages are there?

At Mortgage House, we have access to a large number of mortgage types that can help you with your property goals. As one of Australia’s largest independently owned non-bank lenders, we know what products can work for you. Our basic and standard variable rate mortgages can give you the flexibility you need, and our fixed rate loans can allow you to budget with stability. A split loan can help you split the difference for even more flexibility, as can a toggle offset loan, which allows you to have half your loan as variable and half as a fixed rate. Our bridging and portable mortgages can make relocating easier, and our construction loans can help take the stress out of building. We also offer Low Doc, interest-only and line-of-credit mortgages, as well as loans for people with bad credit, who have a low deposit, or who need a bit of help from their family to get started.

What other types of loans can benefit me?

While we are mortgage experts, we also offer a range of other financial products that can help you gain the means to get what you want. Our personal loans can help you consolidate your debt, or buy that big-ticket item you have had your eye on for a while. We also have a large range of car loans for all circumstances, and our business loans can give your business the immediate boost it needs. We also have access to a large number of commercial loans and property development finance. Our award-winning experience means that no matter what your situation, we can work closely with you to make your dreams happen.